Trust
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A properly structured and administered trust can provide the asset protection, financial guidance and tax savings necessary to benefit your heirs or chosen charities for years to come.
CNB Bank’s team of experienced trust professionals can design and administer your family’s trusts acting as trustee, co-trustee or agent for trustee. By managing the complex challenges of passing on your wealth, we can help your beneficiaries enjoy more of it.
Our experienced team can assist with the following types of Trust Services:
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Trusts
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Description
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Living
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A living trust is created to benefit the grantor during his or her lifetime with the remaining assets transferred to beneficiaries upon the grantor’s
death.
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Testamentary
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A Testamentary Trust, sometimes called a Trust Under Will, the decedent’s will instructs the executor of the estate to create a trust and the terms of that trust are included in the will.
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Revocable
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Put very simply, a revocable trust can be revoked or amended during the grantor’s lifetime.
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Irrevocable
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An irrevocable trust cannot be changed or revoked once established.
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Charitable
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Created for the benefit of a non-profit organization or charity.
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Special Needs
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A type of trust created for a disabled person, which will not reduce their public assistance benefits.
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Spendthrift
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A trust that protects assets from the beneficiary’s creditor claims and puts provisions in place to prevent the beneficiary from squandering the assets of the trust.
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Life Insurance
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The trust both owns and is beneficiary of one or more life insurance policies. When the insured dies the proceeds are then managed by the trustee for the beneficiaries.
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Qualified Personal Residence
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An individual transfers ownership of their home to a trust, which removes it from their estate.
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Generation Skipping
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Often used to transfer money to grandchildren but can be created for any beneficiary at least two generations junior to the grantor.
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Credit Shelter
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Funded with an amount up to the estate-tax exemption.
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